Leslie Moonves turned CBS into the country's No. 1 network and revolutionized the way broadcasters get paid for content. Why he believes the future of TV is still bright.

There's no business like show business, as the Irving Berlin song goes. Trouble is, too few in the trade understand the business as well as the show.

Leslie Moonves, who has run CBS since its spinoff from Viacom in early 2006, is a notable exception, having restored the so-called Tiffany network to glory and profits with programming hits and savvy deal-making. Today, CBS is No. 1 among television networks, and a strong fall lineup of...